Mexico vowed to keep a lid on prices as part of an economic plan set out on Monday Jan. 9 to dampen widespread outrage over a major fuel price hike, though it failed to win universal backing among business groups.
Reuters reported that under proposals announced by President Enrique Peña Nieto, business, government and union leaders pledged to keep the price of staple goods stable, cut salaries of senior government officials by 10 percent and encourage capital repatriation.
“We will do everything necessary to make the gasoline adjustment affect families as little as possible,” Peña Nieto said, flanked by his cabinet and business leaders.
The move comes after the government hiked gasoline prices by 14 to 20 percent on Jan. 1, sparking protests across Mexico, which is already facing a slumping currency, rising inflation and economic threats from U.S. President-elect Donald Trump.
Demonstrators have blocked roads and gas stations, and looting of shops has led to hundreds of arrests.
The accord presented by the government was thin on details and was not signed by Mexico’s main employers’ federation Coparmex, which criticized it for lacking clear, measurable targets and metrics to assess progress.
The rise in gasoline prices is part of a liberalization program aimed at gradually bringing prices up to market level. Some analysts are already expecting inflation to crest above the central bank’s 4 percent ceiling.
more recommended stories
Yucatecan health authorities have practically erradicated dangerous vector-borne diseases
Mérida, Yucatán.- In 2017, Yucatán was.
Armed robbery reported in two Motul stores
MOTUL .- Around 2:35 in the.
Cochinita Power: Trendy Yucatecan fusion cuisine in Mexico City.
“Cochinita Power”, located on Altamirano #19,.
29 cases of suicide in Yucatán so far in 2018
At the beginning of 2018, the.
Yucatan will have its own Mexican Wind Atlas tower
The first stage of the Atlas.
Conkal transformed by Mérida’s Real Estate boom
Merida, Yucatan. – According to Mexico’s.
“Completa” a Yucatecan documentary that seeks to combat ignorance and taboos on breast cancer
María Bello Buenfil is a young.
Mayan Lent “Haute Cuisine”
In Merida, when the Carnival comes.
Bomb threat was false alarm while investigations on Playa del Carmen’s ferry explosion continue
Cozumel’s 107.7 FM “La Voz del.
Trump suggests arming teachers as a solution to increase school safety
Washington (CNN).- President Donald Trump, after listening.